{"id":1182,"date":"2020-12-08T14:35:46","date_gmt":"2020-12-08T13:35:46","guid":{"rendered":"https:\/\/kabayanremit.com\/blog\/?p=1182"},"modified":"2021-09-23T11:07:18","modified_gmt":"2021-09-23T10:07:18","slug":"what-is-a-remittance-a-guide-to-sending-money-overseas","status":"publish","type":"post","link":"https:\/\/kabayanremit.com\/blog\/finance\/what-is-a-remittance-a-guide-to-sending-money-overseas\/","title":{"rendered":"What is a remittance? &#8211; A guide to sending money overseas"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016043670\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">The word &#8220;remittance&#8221; comes from the term &#8220;remit&#8221;, which means &#8220;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.investopedia.com\/terms\/r\/remittance.asp#:~:text=A%20remittance%20refers%20to%20money,mail%2C%20draft%2C%20or%20check.\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">to send back<\/span><\/a><span data-preserver-spaces=\"true\">&#8220;. Though its actual definition pertains to any overseas payment or transaction, the word &#8220;remittance&#8221; now typically refers to money sent back to family and friends in one&#8217;s home country.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016049228\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">As more migrants send money back home, remittance flows now have a significant contribution to many low to middle-income countries. According to the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2019\/04\/08\/record-high-remittances-sent-globally-in-2018\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">World Bank<\/span><\/a><span data-preserver-spaces=\"true\">, the countries with the highest remittance receipts were India, Mexico, China, the Philippines and Egypt.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016067238\" >Why send a remittance<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1607092924944\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/3.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"Why send a remittance\" title=\"Why send a remittance\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/3.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/3-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/3-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/3-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/3-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016078753\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>There are different reasons as to why people transfer money overseas. Remittances can either be personal or business-related. It could be to help out a loved one, to settle a debt, to pay for a service or to share their hard-earned savings to their family.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016120442\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Now, more and more people remit money as it&#8217;s much easier and more accessible than ever before. With the help of technology, you can do money transfers online in just a few clicks.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016102344\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Online money transfers have enabled, not only individuals but also businesses worldwide to connect, resulting in a significant increase in overseas remittances.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016146772\" >The best way to send a remittance<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1607092946298\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/1.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"The best way to send a remittance\" title=\"The best way to send a remittance\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/1.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/1-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/1-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/1-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/1-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016160241\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>There are different factors you need to consider if you&#8217;re sending money overseas. It&#8217;s best to weigh out various options so you can get the most value out of your transactions.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016170201\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>To find the best way to send money abroad, consider the following:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016220249\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">What the exchange rate is<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">How much you&#8217;re sending<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">How you want your recipient to receive the funds<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">How you&#8217;re going to pay for the transaction<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">How much the fees are<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">How often you send money<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">How quickly the money gets delivered<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">How safe and secure the financial service is<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016234147\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>After answering these questions, compare the following providers to find what&#8217;s most suitable for you.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016805049\" >1. International bank transfer<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1607094105829\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/6.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"International bank transfer\" title=\"mobile banking\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/6.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/6-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/6-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/6-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/6-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016264600\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>You might find that the easiest way for you to transfer money overseas is through international wire transfer. There are four ways on how you can do an international bank transfer:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016310913\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">In-branch:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0You can visit any local branch of your bank, and a teller can help you with your transaction.<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Telephone Banking:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">You can also call your bank to send money abroad.\u00a0<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Online Banking:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Go to your bank&#8217;s website and log in to your online banking. You&#8217;ll find the option to make an international payment.<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Mobile App:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">First, you&#8217;d have to download your bank&#8217;s mobile app. Similar to online banking, log in to your account and follow the step-by-step procedure to make an international payment.<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016845769\" >Pros:<\/h3>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016742002\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Convenient &#8211; <\/span><\/strong><span data-preserver-spaces=\"true\">As long as you have a bank account, you can transfer money to anyone.\u00a0<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Secure &#8211;\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Banks remain the most trusted platform when sending money abroad, as the money is protected even if you send it overseas.\u00a0<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016850797\" >Cons:<\/h3>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016735971\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Expensive &#8211;\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">According to The World Bank, banks are the most costly remittance channels. Banks usually offer low exchange rates and charge hefty fees, so they may not be the ideal channel to send your remittances, especially if you send money often.\u00a0<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Long delivery time &#8211;\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">International wire transfer may take a few days to credit the funds to your recipient&#8217;s account.<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016813871\" >2. High street remittance outlet<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1607094137025\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/8.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"High street remittance outlet\" title=\"post office\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/8.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/8-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/8-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/8-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/8-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016515594\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Another option for sending money overseas is through a high street money transfer outlet. Different providers, including the Post Office, offer this type of service.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016855555\" >Pros:<\/h3>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016752841\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Straightforward<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0&#8211; You don&#8217;t need to open an account before you can send money. Sometimes, these service providers may not even ask to verify your identity for smaller transactions.\u00a0<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Delivery options\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">&#8211; You can choose whether to send money to a bank account or a cash pickup outlet.\u00a0<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016859945\" >Cons:<\/h3>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607016764691\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Expensive\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">&#8211; High street remittance services usually offer low exchange rates, and the fees vary depending on the service you choose. This may not be the best option if you&#8217;re sending smaller amounts.\u00a0<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Not as secure\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">&#8211; Since their customer verification process is lax, fraudsters typically use this service. After sending the money, it is usually very difficult to trace afterwards.<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Availability &#8211;\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The outlets have limited opening hours, which may also be affected by bank holidays, etc.\u00a0<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607086586548\" >3. Foreign exchange broker<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1607094456990\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/5.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"Foreign exchange broker\" title=\"forex broker\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/5.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/5-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/5-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/5-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/5-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607086598145\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>As they deal with currencies 24\/7, foreign exchange brokers also offer money transfer services.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016855555\" >Pros:<\/h3>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607086623931\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Excellent exchange rates\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">&#8211; As they&#8217;re highly specialised with currencies, forex brokers usually offer far better exchange rates than banks.\u00a0<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">24\/7 assistance\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">&#8211; Great brokers provide 24\/7 customer support, whilst some even assign you with a personal account manager.\u00a0<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016859945\" >Cons:<\/h3>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607086653133\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Long delivery time &#8211;\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The transfer may take hours up to a few days to be completed.<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Setting up an account &#8211;\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Opening an account with a forex broker is not straightforward and may take a few days. If you need to send money urgently and you don&#8217;t have an account with them yet, you might have to look for other alternatives.<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607086670581\" >4. Online money transfer provider<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1607094533049\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/7.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"Online money transfer provider\" title=\"Online money transfer provider\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/7.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/7-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/7-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/7-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/7-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607086687639\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">As more migrants and overseas workers send remittances each year, the money transfer sector is becoming even more competitive. Online money transfer providers like\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/kabayanremit.com\" rel=\"noopener\"><strong><span data-preserver-spaces=\"true\">Kabayan Remit<\/span><\/strong><\/a><span data-preserver-spaces=\"true\">\u00a0are on the rise as they offer even more attractive benefits to customers.\u00a0<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016855555\" >Pros:<\/h3>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607434039327\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Convenient\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">&#8211; You can send funds online anytime as their services are available 24\/7. You can access their services from home by simply visiting their website or downloading their mobile app.<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Instant delivery<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0&#8211; Online remittance providers can usually deliver your money within minutes.\u00a0<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Range of services\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">&#8211; Every provider offers a variety of delivery and payment options.\u00a0<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607016859945\" >Cons:<\/h3>\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607086754558\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Account Registration<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0&#8211; You need to set up an account with every provider you use.\u00a0<\/span><\/li>\n<li class=\"heightli\"><strong><span data-preserver-spaces=\"true\">Customer Support\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">&#8211; Not all online services have an accessible customer support team. Great money transfer providers, on the other hand, offer 24\/7 assistance.<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h2 style=\"text-align: left\" class=\"vc_custom_heading vc_custom_1607086792119\" >Why send remittance with Kabayan Remit<\/h2>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1607092982618\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1594\" height=\"836\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/2.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"Why send remittance with Kabayan Remit\" title=\"Why send remittance with Kabayan Remit\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/2.jpg 1594w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/2-300x157.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/2-1024x537.jpg 1024w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/2-768x403.jpg 768w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2020\/12\/2-1536x806.jpg 1536w\" sizes=\"auto, (max-width: 1594px) 100vw, 1594px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607086807026\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>If you need to send remittances to the Philippines from the UK, Ireland, Germany, the Netherlands and Gibraltar, use Kabayan Remit. Here&#8217;s why:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1632391612067\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">We are a registered\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.gov.uk\/guidance\/money-laundering-regulations-supervised-business-register\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">Money Service Business<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0(MSB) regulated by the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/register.fca.org.uk\/s\/firm?id=001b000000yeScSAAU\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">Financial Conduct Authority<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0(FCA).<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">You can set up an account in minutes.\u00a0<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">Our services are available 24\/7 to ensure your money is delivered to your loved ones within an hour.\u00a0<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">You can send your remittance online through our\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/kabayanremit.com\/\" rel=\"noopener\"><span data-preserver-spaces=\"true\">website<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0or mobile app (<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/apps.apple.com\/us\/app\/kabayan-remit-money-transfer\/id1576197878\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">iOS\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">or\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.kabayanremit.mobileapp\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">Android<\/span><\/a><span data-preserver-spaces=\"true\">), or over the phone with an agent.<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">We offer excellent exchange rates and competitive fees so you can get the most value out of your transfers.<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">We offer 24\/7 bilingual (English and Filipino)\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/kabayanremit.com\/customer-support\/\" rel=\"noopener\"><span data-preserver-spaces=\"true\">customer support<\/span><\/a><span data-preserver-spaces=\"true\">, so we are always available to attend to your queries.\u00a0<\/span><\/li>\n<li class=\"heightli\"><span data-preserver-spaces=\"true\">We continually check and improve our systems to ensure maximum safety with all your transfers.\u00a0<\/span><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1607086870715\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span data-preserver-spaces=\"true\">For more information on Kabayan Remit, visit\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/kabayanremit.com\/\" rel=\"noopener\"><span data-preserver-spaces=\"true\">kabayanremit.com<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Do you often send money back to your home country? Remittances are becoming a significant contributor to low and middle-income countries. Find out more about remittances and the best way to send them through this article. <\/p>\n","protected":false},"author":3,"featured_media":1197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[43,10],"class_list":["post-1182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-remittance","tag-sending-money"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a remittance? A guide to sending money overseas<\/title>\n<meta name=\"description\" content=\"The remittance sector is becoming a significant contributor to low and middle-income countries. 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